What Will Be the Data Scientist Salary in India in 2023 for both Freshers and Experienced? – IQCode

What is a Data Scientist and What Are Their Roles and Responsibilities?

Data science combines domain knowledge, programming skills, and math and stats knowledge to extract insights from data. Machine learning algorithms are used to create artificial intelligence systems that can perform tasks that require human intelligence. Data processing, mining, modeling, and summarizing insights are part of the workflow. The data scientist creates meaningful value and shares insights through data visualization, reporting, and using BI tools to support decision-makers. This article covers the data scientist’s roles and responsibilities, required skills, salary, top hiring companies, challenges, and FAQs in India and abroad.

What is a Data Scientist and What is Their Job?

A data scientist analyzes and interprets large sets of structured and unstructured data. They use computer science, statistics, and mathematics to generate actionable plans for businesses and organizations. With a mix of industry knowledge and contextual insight, data scientists identify patterns and solutions to corporate difficulties. They work with complex and unstructured data, from sources like smart devices, social media feeds, and emails. Due to their unique mix of skills, data scientists’ salaries in India are among the highest.

Salary of Data Scientists in India

On average, a data scientist in India earns Rs. 698,412 per year. Those new to the field can expect around Rs. 500,000 annually. However, with 1 to 4 years of experience, a data scientist can earn about Rs. 610,811 per year. Check out the graph for more details.


#code for graph goes here

Skills Required for a Data Scientist

A Data Scientist must possess strong knowledge in algorithms, statistics, mathematics, and machine learning.

Proficiency in programming languages such as R, Python, SQL, SAS, and Hive is also required.

Effective communication skills are necessary to convey the results to the team.

Data Scientist Job Roles and Responsibilities

A Data Scientist is responsible for collecting and analyzing large amounts of complex data to identify trends and insights that can improve business processes, products, and services. Some of their job roles and responsibilities may include:

- Developing and implementing algorithms and predictive models using machine learning and statistical analysis techniques
- Collaborating with cross-functional teams to identify business problems and provide insights using data-driven solutions
- Designing and executing experiments to test hypotheses and validate models
- Communicating findings to stakeholders using data visualizations and reports
- Continuously monitoring and updating models to ensure accuracy and effectiveness
- Staying up-to-date on industry trends and advancements in technology and techniques related to data science.

Roles of a Data Scientist

A data scientist collaborates with business stakeholders to understand their objectives and how data can assist in achieving goals. They develop algorithms and predictive models to extract the required data while supporting data assessment and sharing discoveries with colleagues. Python, alongside R, can filter data according to general and specific needs. In India, Python data science programmers earn more than software developers and DevOps programmers, due to the growing demand for data gathering, cleansing, and processing to acquire customer and market insights.

Responsibilities of a Data Scientist

A data scientist is responsible for:


• Analyzing and transforming massive amounts of structured and unstructured data into valuable insights.
• Identifying viable data analytics solutions for businesses.
• Utilizing data analysis tools, like text analytics, machine learning, and deep learning, to reveal hidden patterns and trends.
• Cleaning and validating data to enhance accuracy and effectiveness.
• Creating data visualizations to communicate positive findings to stakeholders.

By carrying out these tasks, a data scientist helps organizations make informed decisions that can drive their success.

Reasons to Pursue a Career in Data Science


Data Science is a quickly growing industry with ample job opportunities and high salaries. Here are a few reasons why you should consider becoming a data scientist:

1. High Demand: With a predicted need for over 11 million data scientists by 2026 and a major skill shortage in the field, demand for data scientists is constantly increasing, particularly in India and the US.
2. Varied and Well-Paying Jobs: Data scientists can choose from a wide range of high-paying jobs, as data science technology can be applied to almost every industry.
3. Innovative Working Environment: With data science continuing to shape the future of work, those working in the industry can be involved in cutting-edge tasks and job roles.
4. Improving Product Quality: By analyzing data, data scientists can help businesses personalize offers and enhance client experiences, making data scientists trusted advisers and strategic partners to management.
5. Contributing to the Greater Good: Predictive analytics and machine learning in healthcare have made early diagnosis of illnesses possible thanks to data.
6. Constantly Evolving Field: With technology continually advancing, data science offers various opportunities to engage with brand new data technologies, allowing data scientists to help companies make better strategic decisions.
7. Fascinating Job Role: By concentrating on human behavior, data scientists work to analyze and solve complex problems on a daily basis.
8. Extensive Job Experience: Data scientists have the opportunity to experiment with a range of fields, creating horizontal mobility within the industry.

Factors Influencing Data Scientist Salary in India

The salary of a Data Scientist in India varies based on different factors, including experience, location, employer, and skills.

Experience

Average salaries for Data Scientists in India, based on experience:

  • Entry-level (0-1 years): 511,468 INR/yr
  • Early-career (1-4 years): 773,442 INR/yr
  • Mid-level (5-9 years): 1,367,306 INR/yr
  • Highly experienced/management roles: 2,400,000-10,000,000 INR/yr
  • Data analysts can receive a 50% income improvement with a promotion to a higher role

Location

Highest-paying cities for Data Scientists in India:

  • Bangalore: 984,488 INR/yr
  • Mumbai: 788,789 INR/yr
  • Chennai: 794,403 INR/yr
  • Hyderabad: 795,023 INR/yr
  • Pune: 725,146 INR/yr
  • Kolkata: 402,978 INR/yr

Employer

The following prominent organizations are among the highest-paying for Data Scientists in India:

  • IBM Corp: 1,468,040 INR/yr
  • Accenture: 1,986,586 INR/yr
  • JP Morgan Chase and Co: 997,500 INR/yr
  • American Express: 1,350,000 INR/yr
  • McKinsey and Company: 1,080,000 INR/yr
  • Wipro Technology: 1,750,000 INR/yr

Skills

Skills that can influence Data Scientist salaries in India:

  • Increase in income when a Data Analyst has knowledge of both Big Data and Data Science
  • Proficiency in R and Python can lead to higher income
  • Machine Learning salaries start at approximately 3.5 lakhs INR and can rise to 16 lakhs INR as professionals advance in the field
  • Knowledge of Artificial Intelligence can lead to a general salary increase of at least 5-6 lakhs INR for beginners

To maximize earnings, it is recommended to improve skills in managing data and acquiring knowledge in machine learning, Artificial Intelligence, and Big Data.

Top Companies Hiring Data Scientists in India

As per the data collected, Mu Sigma, Accenture, and Tata Consultancy Services Limited are the leading recruiters for the job position of Data Scientist in India. Amazon.com Inc offers the highest reported salaries while Accenture and HCL Technologies Ltd. also provide competitive pay. However, Mu Sigma pays the least. Tata Consultancy Services Limited and IBM India Private Limited are on the lower end of the salary range.

Different Salaries for Data Scientists in Top Countries

Here’s the average yearly salary for data scientists in the top 5 countries:


- United States: $120,000 per year
- Australia: AU$75,233 - AU$121,578 per year based on experience

- Israel: $88,000 per year
- Canada: $81,000 - $117,750 per year
- Germany: between 2,740 and 9,470 euros per month

It seems that the United States has the highest salary for data scientists, but other countries are also competitive in terms of salary offerings.

Challenges in Data Science Career

Data Science is a rapidly growing field with a few challenges that must be resolved for success.

1. Data Preparation: 80% of a data scientist’s time is spent in preparing and cleaning data. Adopting AI enabled data science solutions like Auto Feature Engineering can automate cleaning and preparation of data.

2. Variety of Data Sources: Given the numerous data sources in various formats, it can be time-consuming to manually search and enter information. Using a platform integrated with different data sources helps save time.

3. Data Protection: Cyberattacks pose a significant threat to data protection. Machine learning-enabled security platforms can be used to protect data, while adhering to data protection regulations.

4. Recognizing Business Problems: Data scientists must first understand the business challenge before analyzing data to develop solutions. Following a specific methodology and consulting with business stakeholders can help with the identification and understanding of the problem.

5. Effective Communication: Non-technical stakeholders must understand the complex technical work of data scientists. Data storytelling can provide a more systematic approach and compelling narrative to analyses and visuals.

6. Defined Metrics: Data Scientists require well-defined metrics to assess the accuracy of their analysis and appropriate business KPIs to assess the impact on the business.

The Importance of Data Scientists in Today’s Industry

In today’s fast-paced industry, data scientists are highly in demand for their expertise in handling complex data. It takes more than technical skills to be a successful data scientist. They must also possess a deep understanding of business needs, collaborate with different stakeholders, and convince executives to act on insights gleaned from data. Despite the challenges, the demand for data science experts continue to rise.

Frequently Asked Questions about Data Science

1. Is a degree required to become a Data Scientist?

There are no specific educational prerequisites for becoming a Data Scientist. People from different educational backgrounds work in this field. However, computer-related fields and statistics are generally recommended.

2. How much does a Data Scientist earn in India?

The salary of a Data Scientist depends on their experience level. The average salary ranges from Rs.500,000 to Rs.1,700,000.

3. Are Data Scientists among the highest-paying jobs?

Yes, Data Science is a very lucrative career choice. According to Glassdoor, Data Scientists earn an average of Rs.116,100 annually. There will be an estimated 2.7 million open positions in Data Science by 2020.

4. Is Data Scientist a good career option?

Yes, Data Science is a very promising career option. As more businesses embrace digitization, the demand for Data Scientists is expected to rise.

5. Can I become a Data Scientist with no prior experience?

Yes, you can become a Data Scientist even without prior experience. To become a Data Scientist, you need to obtain a bachelor’s degree in information technology, computer science, mathematics or physics, obtain a master’s degree in data science or a related discipline, and gain experience in the field in which you wish to work.

6. Can I become a Data Scientist without a master’s degree?

Yes, you can become a Data Scientist without a master’s degree. Many people are performing Data Science work under different names.

7. Can I learn Data Science without programming?

While programming is an essential skill for a Data Scientist, you do not have to be an expert to pursue a career in this field. Understanding basic data science concepts and tools is more important.

8. What is the average salary for a Data Scientist in the US?

The average yearly salary for a Data Scientist in the US is $120,000.

Additional Resources

Find below some helpful resources related to Data Science:

Top 10 Productivity Tools for Programmers

Key Features of Object-Oriented Programming: Unraveling the IQCode

IQCode: Exploring the Distinctions between Greedy and Dynamic Programming.

2023 Network Engineer Salary in India: A Comprehensive Guide for Freshers and Experienced Professionals – IQCode.